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Kanye West sued over claim of illegal sample on Donda 2

A SCREENSHOT from the music video for “Flowers” from Kanye West’s album Donda 2.
A SCREENSHOT from the
music video for “Flowers” from
Kanye West’s album Donda 2.

RAPPER, producer and entrepreneur Kanye West, who legally changed his name to Ye last year, was sued on Wednesday for allegedly sampling a song by musician Marshall Jefferson without permission. Ultra International Music Publishing LLC said “Flowers” from West’s album Donda 2 includes a sample from Mr. Jefferson’s 1986 dance song “Move Your Body” that is repeated at least 22 times.

A representative for Mr. West did not immediately respond to a request for comment, nor did Mr. West’s label Universal Music Group, which is not a party to the suit.

An attorney for Ultra International, which owns the rights to Mr. Jefferson’s song, said the company had no comment and believes the lawsuit speaks for itself.

Mr. Jefferson is a pioneer of house music from Mr. West’s hometown of Chicago. According to the lawsuit, Mr. West and his representatives acknowledged during talks with Mr. Jefferson that “Flowers” sampled “Move Your Body,” but did not take a license.

“West advocates for artists’ rights with one hand, yet has no shame in taking away rights from another artist with the other,” the lawsuit said.

Mr. West released Donda 2 in February exclusively through his Stem Player, a handheld device that allows users to isolate and recombine song parts.

Kano Computing Ltd., a British company that developed the Stem Player with Mr. West and is also named in the lawsuit, did not immediately respond to a request for comment.

The lawsuit said “Flowers” is reportedly about Mr. West’s ex-wife Kim Kardashian, whose petition to end their marriage was approved in March.

Texas pastor David Paul Moten sued Mr. West in May for allegedly sampling one of his sermons without permission.

Mr. West has previously settled lawsuits over samples of a Hungarian singer on the 2013 song “New Slaves”; a child’s prayer on the 2016 song “Ultralight Beam”; and a theater work about activist Marcus Garvey on “Freeee (Ghost Town Pt. 2),” a 2018 collaboration with rapper Kid Cudi. — Reuters

Filipinas target gold in Women’s Championship at Rizal Stadium

PHILIPPINES women’s football team Filipinas — PHILIPPINE FOOTBALL FEDERATION

THE Philippine women’s football team goes on another chase for history when it vies in the ASEAN Football Federation (AFF) Women’s Championship from July 4-17 on home ground.

Riding the momentum of their milestone FIFA Women’s World Cup qualification and podium finish in the recent Southeast Asian Games, the Filipinas set their sight on striking gold for the first time in the ASEAN showpiece.

The Filipino booters’ best finish was fourth place in the last edition in 2019 in Thailand, where they yielded to Myanmar, 3-0, in the battle for the bronze.

“We want to win the tournament or win a medal, which I believe we haven’t done before,” said Philippine coach Alen Stajcic, whose charges delivered the country’s first Southeast Asian Games football medal since 1985 in the last edition in Vietnam.

“We were really proud to get the medal and we’ll be aiming for the medal as well (in the AFF meet),” he said.

The Filipinas are embarking on this campaign in line with their long-term goal of giving the global powers a run for their money in next year’s Women’s World Cup.

“As much as development is important, we want to be a winning team and have a winning mentality so trying to get on a podium is definitely a massive priority,” said Mr. Stajcic.

It will be a tall order, though, as the host has to overcome four-time champion Thailand, Indonesia, Singapore, Malaysia and Australia in Group A as they contest the two semifinal seats.

“It’s a tough group. We probably got the toughest team in the tournament in Australia,” said Mr. Stajcic, whose side kicks off their bid against the fancied Matildas on Monday at the Rizal Memorial Stadium. — Olmin Leyba

Cebu Landmasters files shelf registration for P15-B bonds

CEBU Landmasters, Inc. (CLI) said on Thursday that it had applied with the Securities and Exchange Commission (SEC) for the shelf registration of up to P15 billion in fixed-rate bonds.

The property developer also disclosed to the stock exchange that its board of directors had approved the offer and issuance of peso-denominated fixed-rate bonds worth up to P8 billion, which will be part of the shelf-registered bonds.

It said the board approval on June 20 covers a principal amount of up to P5 billion and an oversubscription option of up to P3 billion.

The bonds have indicative maturities ranging from three-and-a-half to seven years, with the periods to be determined during the final offer by the third quarter.

CLI said it had filed a registration statement, preliminary prospectus, and preliminary offer supplement as well as other relevant documents with the SEC as part of its application.

The company tapped Philippine Depository and Trust Corp. as registrar and paying agent; and BPI Capital Corp. and China Bank Capital Corp. as joint issue managers, joint lead underwriters, and joint lead bookrunners.

Proceeds from the bonds will be used to support the company’s growth plans, primarily for market investments and land banking activities.

In the first quarter, CLI reported that its net income was up by 14% to P811 million with revenues also increasing 53% to P3.56 billion.

CLI, which started out in Cebu, has evolved into a fully integrated developer with a varied portfolio of residences, offices, retail spaces, hotels, mixed-use developments, and townships in the Visayas and Mindanao.

On Thursday, CLI shares remained unchanged at P2.50 at the stock market. — Luisa Maria Jacinta C. Jocson

R&B singer R. Kelly sentenced to 30 years in prison in sex case

R KELLY in the The X-Factor in 2011. — IMDB.COM

NEW YORK — R. Kelly was sentenced on Wednesday to 30 years in prison, following the multiplatinum R&B singer’s conviction for exploiting his stardom and wealth over decades to lure women and underage girls into his orbit for sex.

The sentence was imposed nine months after Mr. Kelly, 55, was convicted of racketeering and sex crimes, in a trial that amplified accusations that had dogged the singer of the Grammy-winning hit “I Believe I Can Fly” for two decades.

US District Judge Ann Donnelly in Brooklyn federal court said the evidence reflected Mr. Kelly’s “indifference to human suffering” and “sheer brutality” toward his victims.

“This case is not about sex. It’s about violence and cruelty and control,” Ms. Donnelly told Mr. Kelly. “You left in your wake a trail of broken lives.”

Mr. Kelly, whose full name is Robert Sylvester Kelly, is among the most prominent people convicted of sexual misbehavior during the #MeToo movement against such conduct by prominent men.

He did not speak during Wednesday’s hearing, but has repeatedly denied sexual abuse accusations.

After the sentence was read, his lawyer, Jennifer Bonjean, told reporters Mr. Kelly was “devastated” by the sentence but that he would appeal.

“Thirty years in prison is like a life sentence for him,” Ms. Bonjean said.

‘DO YOU REMEMBER THAT?’
The sentencing came after several accusers, some of whom were tearful, told the judge about how Mr. Kelly promised to mentor them and help them attain stardom, only to subject them to degrading sexual treatment and physical harm.

Many said the abuse led to mental health problems that persist.

“As a teenager, I didn’t know how to say no to R. Kelly when he asked me to perform oral sex on him,” said a woman identified as Jane Doe No. 2. She then paused, looked at Kelly, and asked, “Do you remember that?”

Mr. Kelly wore a black face mask and beige prison clothing to his sentencing.

Several accusers testified during the 5-½-week trial about how Mr. Kelly would demand that his victims strictly obey his rules. These included needing his permission go to the bathroom, calling him “Daddy,” and writing “apology letters” that purported to absolve Mr. Kelly of wrongdoing, among others.

The alleged victims included the singer Aaliyah, who prosecutors said Mr. Kelly fraudulently married when she was 15 to conceal earlier abuse. Aaliyah died in 2001.

“This is a significant outcome for all victims of R. Kelly and especially for the survivors who so bravely testified about the horrific and sadistic abuse they endured,” Breon Peace, the top federal prosecutor in Brooklyn, told reporters after the hearing.

NO REMORSE
He was convicted on nine criminal charges, including one count of racketeering and eight counts of violating the Mann Act, which bars transporting people across state lines for prostitution.

Prosecutors had urged a prison sentence of more than 25 years, saying Mr. Kelly had demonstrated a “callous disregard” for his victims and shown no remorse.

“I never thought that I would be here to see him be held accountable for the atrocious things that he did to children,” Lizzette Martinez, one of the accusers who spoke in court, told reporters after the hearing.

Defense lawyers said Mr. Kelly deserved no more than 10 years, the mandatory minimum, arguing that his history as an abused child may have led to his adult “hypersexuality,” and that he no longer posed a threat.

Mr. Kelly has been in jail since July 2019.

He will likely be transported soon to a jail in Chicago, where he faces an August trial in federal court on child pornography and obstruction charges. He also faces various state charges in Illinois and Minnesota. — Reuters

Eala-Ribera tandem marches to semifinals in Palma del Rio, Spain

GLOBE TELECOM

ALEX M. Eala and Spanish partner Marina Bassols Ribera hardly broke a sweat en route to the Final Four after making short work of their quarterfinal counterparts with a 6-1, 6-3 victory in the W25 Palma del Rio in Spain on Thursday.

Former rivals turned allies, Mses. Eala and Ribera rolled past Spain’s Marta Huqi Gonzalez Encinas and the United States’ Ashley Lahey in only 60 minutes to march onto the doubles semifinals of the $25,000 tourney.

Their easy win was a follow-up to a more convincing 6-0, 6-0 triumph over the Spanish tandem of Adriana Cortes and Patricia Rodriguez Carretero in the first round.

The Filipina-Spanish duo, seeded as No. 4, will shoot for a finals seat against the top-seeded pair of Valeria Savinykh and Fanni Stollar.

Mses. Eala and Ribera figured in a thrilling finals of the W60 Madrid last month with the latter scoring a close 6-4, 7-5 win, before teaming up this time.

Meanwhile in the singles play, the Women’s Tennis Association (WTA) No. 337 Ms. Eala will face Jessica Ponchet of France in the second round on Friday for a ticket in the quarterfinals.

Ms. Ponchet, the WTA No. 140, bested Ms. Savinykh, with a gritty 6-2, 7-6(9) win on Thursday while Ms. Eala advanced as early as Wednesday after a 6-2, 6-0 win over Chile’s Jimar Geraldine Gerald Gonzalez.

Ms. Eala is gunning for her third professional title in Palma del Rio after championships in W15 Manacor also in Spain last year and W25 Chiang Rai in Thailand earlier this year. — John Bryan Ulanday

South Korean airline Fly Gangwon resumes operations in Clark 

SOUTH Korean low-cost airline Fly Gangwon announced on Thursday that it resumed its operations at the Clark International Airport, indicating confidence in the market for air travel between the Philippines and South Korea.

Fly Gangwon’s operations at the Clark airport were temporarily suspended due to the pandemic, which restricted international travel, the company said in an e-mailed statement.

“The airline only operates in Clark, making Clark Fly Gangwon’s first and only Philippine destination,” it added.

According to the company, travelers arriving in South Korea through Yangyang International Airport can visit Gangwon and Seoul City center for up to 15 days under the country’s visa waiver program, but they must be part of a group tour.

“Tourists should also be fully vaccinated against the COVID-19 (coronavirus disease 2019) and must also be booked through accredited travel agencies.”

In May, the Tourism department announced that South Korea’s largest low-cost airlines were added to the list of airlines operating direct flights from the Clark airport.

“Jeju Air will launch its Incheon-Clark-Incheon route every Thursday and Sunday, while Jin Air will offer the same route beginning on May 16, every Monday, Tuesday, Wednesday, Friday, and Saturday,” it said in a statement.

“Other foreign flights that will be utilizing the new passenger terminal include destinations to and from Singapore via Jetstar and Scoot; Doha via Qatar Airways; Air Asia; and Dubai via Emirates. Local air carriers Cebu Pacific and Philippine Airlines will also have flights operating at the new passenger terminal,” it added.

Tourism Secretary Bernadette Romulo-Puyat said the opening of the new passenger terminal of Clark airport is expected to boost the local travel industry’s recovery. The new 110,000-square meter passenger terminal building is a hybrid public-private partnership project under the government’s Build, Build, Build program.

“Clark is one of the destinations included in the recently concluded World Travel and Tourism Council Global Summit. More than just a freeport zone, clearly, this place is an emerging tourism hub that has great potential to bring huge gains for the tourism industry,” she added. — Arjay L. Balinbin

Bank lending growth in May fastest in two years

BW FILE PHOTO

BANK LENDING growth was at a two-year high in May as economic activity continued to recover and as borrowers secured financing amid rising interest rates, with liquidity also sustaining its expansion.

Data from the Bangko Sentral ng Pilipinas (BSP) released on Thursday showed outstanding loans by big banks, net of reverse repurchase (RRP) placements with the central bank, rose by 10.7% in May to P9.97 trillion in the same month last year.

This was the fastest growth in lending seen in 24 months or since the 11.2% expansion logged in May 2020.

On a month-on-month seasonally adjusted basis, lending net of RRP placements with the BSP inched up by 1%.

Meanwhile, including RRPs, bank lending grew by 10.4% in May, faster than the previous month’s 9.8%.

Outstanding loans to residents net of RRPs grew by 10.6% in May from 10% in April.

Specifically, borrowings for production activities jumped by 10.8% to P8.79 trillion in May, fueled by an expansion in loans for information and communication (27.1%); real estate activities (16.4%); manufacturing (16%); construction (12.3%) and wholesale and retail trade, repair of motor vehicles and motorcycles (6.2%).

Consumer loans to residents also rose by 8.5% to P890.59 billion, faster than the 6.7% growth seen in April, amid an annual increase in credit card loans (17.7%) and salary-based general purpose consumption loans (6.3%). Meanwhile,  motor vehicle loans dropped by 1.9%.

On the other hand, outstanding loans to non-residents expanded at a slower rate of 12.5% in May from 13.5% in the previous month.

“With the ongoing normalization of its monetary policy settings, the BSP will continue to ensure that the expansion in credit and liquidity proceeds in line with the outlook for inflation and economic growth while remaining consistent with the BSP’s price and financial stability objectives,” the central bank said.

“Loan growth again posted a positive year-on-year growth for the 10th consecutive month and picked up for the 13th straight month as the economy reopened further towards greater normalcy,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in an e-mail.

“Faster loan growth also due to the fact that some borrowers rushed financing activities/requirements in view of the increase in long-term interest rates/borrowing costs locally and globally amid elevated inflation,” Mr. Ricafort added.

The BSP last week raised benchmark interest rates by 25 basis points for a second straight meeting to cool rising prices. At that meeting, it raised its average inflation forecast for this year to 5% from 4.6% previously, well above its 2-4% target.

The central bank sees headline inflation picking up further and settling within the 5.7-6.5% range in June. Inflation stood at 5.4% in May, the fastest in three and a half years.

MONEY SUPPLY
As lending growth continued to pick up, M3 — the broadest measure of liquidity in an economy — expanded by 6.9% to P15.3 trillion in May, the BSP said in a separate statement on Thursday. This was slower than the revised 7.2% growth in March.

On a month-on-month seasonally-adjusted basis, M3 was broadly unchanged, the BSP said.

“Domestic liquidity dynamics remain broadly in line with the BSP’s prevailing outlook for inflation and economic activity,” the central bank said.

Domestic claims rose by 8.9% in May, slower than the revised 9.1% in April. Claims on the private sector grew by 7.5% in May from 6.5% in April with increased bank lending to nonfinancial private corporations and households, while net claims on the central government rose by 15.3% in May from 18.3% in April on the sustained borrowings by the National Government.

Net foreign assets (NFA) in peso terms rose by 3.4% in May from 5.2% the prior month.

“The slower expansion in the BSP’s NFA position reflected the decline in gross international reserves relative to the same period a year ago. Meanwhile, the NFA of banks continued to expand, albeit at a slower pace, on account of higher investments in marketable debt securities,” the central bank said. — K.B. Ta-asan

Entertainment News (07/01/22)

Ben&Ben “Paninindigan Kita”

Ben&Ben shows queer love in music video

PAT Lasaten and Agnes Reoma star as a romantic couple standing up for love in a world that invalidates the LGBTQ+ community’s struggles and rights in Ben&Ben’s new music video. The Filipino nine-piece collective caps off the Pride celebration with the release of the “Paninindigan Kita” music video. “We’re both excited and nervous because we’re not very public about our relationship,” says keyboardist Pat Lasaten. “We also aren’t into PDA, in fact our bandmates seldom see us hold hands.” Bassist Agnes Reoma adds, “Expressing this story to a wider audience will be a fun challenge, as we aren’t actors. Nonetheless, we’re excited for the number of queer kids who’d see it.” The “Paninindigan Kita” music video is helmed by filmmaker Niq Ablao, who has directed the music videos for Moira’s “Paubaya,” and Ben&Ben’s “Upuan.” Abalo is optimistic that the music video would shed a new light and a deeper understanding of how love should be: “Regardless of gender and sexuality, we love who we love and we stand by them no matter what. Brave are those who fight and take pride for it.” “Paninindigan Kita” is written by brothers Paolo and Miguel Benjamin, and was the first song recorded in an actual studio since the pandemic started. It follows the release of last year’s “Di Ka Sayang,” another empowering LGBTQ+ anthem that inspires confidence and fearlessness in the face of adversity, and this month’s “Langyang Pag-ibig,” which chronicles the inevitable disintegration of a romantic relationship. “Paninindigan Kita” is out now on all digital music platforms worldwide via Sony Music Entertainment.

Sneak previews of The Black Phone

THE RINGING horrors of the late 1970s come alive in the coming-of-age movie The Black Phone, starring Ethan Hawke, Mason Thames, and Madeleine McGraw. Based on the award-winning short story 20th Century Ghosts by Joe Hill (son of the legendary horror author Stephen King), The Black Phone follows 13-year-old Finney (Thames), who is abducted by an infamous child abductor and serial killer known as The Grabber (Hawke) in a small town. Locked in the killer’s basement, Finney discovers that he can hear the killer’s previous victims through a disconnected black rotary phone on the wall. Released by Universal Pictures International, sneak previews of the film will be held on July 11 and 12 in select cinemas nationwide before it goes on general release on July 20. The film was rated R13 by the MTRCB.

Instagram releases #WalkWithPride AR Filter

FOLLOWING the launch of Instagram’s #WalkWithPride AR filter — done in collaboration with a queer Filipino artist Brent Sabas and Filipino Spark AR artist Mitsuko Ono — many Filipinos including Miss Universe 2015 Pia Wurtzbach and influencer Donnalyn Bartolome have used the #WalkWithPride Filter. The filter can be used on both Instagram and Facebook. The “Reels Pride Walkway” filter can be found in the Reels effect tab of both social media platforms.

Warren Hue releases new song

JAKARTA native Warren Hue releases his new single “Handsome” alongside its music video. “Handsome” is the third single released from his forthcoming debut studio album, Boy of The Year, and is a follow-up to the release of “W” (with yngxchris). “Handsome” is an experimental hip-hop track produced by longtime collaborator and South Korean producer, Chasu.

Kyle Juliano covers Apo classic

RISING pop-ballad singer Kyle Juliano has puts his own spin on one of Apo Hiking Society’s most popular hit song, “When I Met You.” His version of the song is out now on streaming platforms under Universal Records.

Singer-songwriter liesl-mae releases new single

HAILING from Kuala Lumpur, liesl-mae is an up-and-coming singer-songwriter, who just released her new single, “The Trip.” The Kuala Lumpur-based songstress is signed to Offmute — Sony Music Entertainment’s Southeast Asian label — and is one of four artists that the label announced upon its launch in 2021.

The Voice Teens alumnus Jay Garche debuts

BACOLOD born singer Jay Garche first introduced himself to the music industry after joining the Philippine reality TV competition The Voice Teens Philippines in 2020. Now, he is debuting with his first single “Hayaan Lang” under Universal Records. Stream “Hayaan Lang” on Spotify and YouTube.

R&B Artist Giveon drops full-length debut album

AMERICAN singer-songwriter Giveon presents his full-length debut album, Give Or Take via Not So Fast/Epic Records. To accompany the arrival of the record, he released a music video for the new single “Lost Me” which can be watched on YouTube. Last September, Giveon shared “For Tonight,” the lead single off the record, which is now RIAA certified Gold. The song was praised by outlets such as Complex and Rolling Stone on its way to amassing more than 175 million streams worldwide.

Parokya’s ‘Your Song’ surpasses 100 million streams

OPM Band Parokya Ni Edgar continues to rack up records as “Your Song” has surpassed 100 million streams on Spotify. The song, which was off the band’s 2003 record Bigotilyo, is the band’s first song to hit the Spotify milestone. Since the song gained massive mainstream popularity, Parokya Ni Edgar decided to include “Your Song” on their Inuman Sessions Vol. 2 setlist back in 2012. “Your Song” can be streamed on Spotify and YouTube.

Tove Lo releases new single from upcoming album

MULTI-PLATINUM selling, Grammy Award nominated artist Tove Lo released a new single, “True Romance,” along with the news of a forthcoming fifth studio album, Dirt Femme, to be released on Oct. 14 under Pretty Swede Records and mtheory. The album tracklist boasts an impressive lineup of special guests, including SG Lewis (appearing on two tracks), Channel Tres and First Aid Kit.

Gilas girls remain in Division B after semis loss to Samoa

GILAS girls youth team — FIBA

GILAS Pilipinas girls’ youth team kissed its Division A promotion hopes goodbye after a stinging 88-73 defeat at the hands of Samoa in the Division B semifinals of the 2022 International Basketball Federation (FIBA) U16 Women’s Asian Championship in Amman, Jordan.

The previously unbeaten Gilas struggled big time when it mattered most, firing blanks and getting outworked by the Samoa side that it just trounced in the group phase with a commanding 94-65 win.

With a finals slot on the line that could have bolstered their Division A bid, the Nationals started flat and stared at a mammoth 27-point deficit in a wild turnaround before running out of steam in a comeback attempt to stay in Division B.

Naomi Panganiban led the fight with 15 points, three rebounds, three assists and four steals for the Filipina teens, who only shot 28% from the field and were outrebounded, 39-72.

Even the contributions of Ava Fajardo (14) and Kristan Yumul (13) were not enough for Gilas, which also bled for a 22% clip from downtown after lighting it up in the Group A play with a 3-0 card.

Kira-May Filemu went berserk in Samoa’s complete reversal with 36 points and 15 rebounds to best Ms. Yumul’s tournament-best of 33 markers in the group stage.

Aside from a big win over Samoa, Gilas also trampled Indonesia, 104-68, before escaping Syria with a close 92-86 victory in the preliminaries to boost its Division A bid only to fumble in the Final Four.

Interestingly, Samoa will face Syria in a Cinderella finals matchup after the latter’s 78-63 upset of Lebanon in the other semis pairing for the Division B supremacy and a promotion ticket to the Division A.

Gilas, for its part, was to play Lebanon last night to salvage the bronze medal. — John Bryan Ulanday

The Scores:

SAMOA 88 – Filemun 36, Oloapu 18, Tutani 11, Manumaleuga 9, Keresoma 6, Hiko 4, Gasu 2, Talosaga 2, Brown 0, Kiliva 0, Hogben 0, Walshe 0.

PHILIPPINES 70 – Panganiban 15, Fajardo 14, Yumul 13, Ramos 8, Nolasco 8, Lopez 6, Patricio 4, Villarin 3, Medina 2, Elson 0, Nair 0.

Quarterscores: 25-18, 53-30, 72-53, 88-70.

Converge to cover ‘more than half’ of Bicol homes by yearend

LISTED fiber internet provider Converge ICT Solutions, Inc. announced on Thursday that it recently opened its regional headquarters in Bicol as part of its goal to cover more than half of the addressable households in the region by the end of 2022.

“On Tuesday, (Converge) established its regional headquarters for the Bicol region in Legazpi City and opened a new business center in the city to bring its services closer to its customers in the southern Luzon region,” the company said in an e-mailed statement.

The company’s fifth business center in Bicol is expected to help it reach “more than half of the addressable households in the region by yearend,” it added.

Converge has established business centers in the cities of Naga, Daet, Iriga, and Sorsogon.

“The regional headquarters will not only be for Converge but for its infrastructure subsidiary, Metroworks, which oversees repair and installation of the fiber lines. This shared facility will ensure quicker coordination to address network issues,” the company said.

“Majority of the Converge network in Bicol has been put underground, given the propensity of typhoons visiting the region,” it added.

The company saw its first-quarter attributable net income increase by 27% to P1.97 billion from P1.55 billion in the same period a year earlier as a result of higher revenues from residential and enterprise subscribers.

Its revenues rose by 40% to P7.75 billion from P5.55 billion in the same period in 2021.

Converge ICT shares closed 2.98% lower at P21.15 apiece on Thursday. — Arjay L. Balinbin

FCDU loans rise at end-March as economy recovers

Foreign currency loans extended by local banks rose at end-March from the quarter prior as demand for credit increased, with businesses having higher financing requirements and becoming more bullish as the economy continues to recover from the downturn caused by the pandemic.

Outstanding loans granted by the foreign currency deposit units (FCDU) of banks went up by 1.6% to $16 billion as of March from $15.7 billion at end-December 2021, a report from the Bangko Sentral ng Pilipinas (BSP) said Thursday.

The increase seen as of March is a reversal of seven consecutive quarters of decline since the onset of the coronavirus pandemic.

However, year on year, outstanding FCDU loans fell by 2.3% from the $16.3 billion seen as of March 2021.

FCDUs are BSP-approved bank units that perform transactions involving foreign currencies, such as accepting deposits and handing out loans.

The higher FCDU loans as of March may be attributed to “[a] net increase in demand for business loans attributed to the improvement in firms’ economic growth outlook; and firms’ higher financing requirements for inventory and accounts receivable,” the BSP said.

FCDU loans seen at end-March 2022 were mostly medium- to long-term debt, or those payable in more than a year, amounting to $12.627 billion and representing 79.1% of the total.

Central bank data showed $10.573 billion or about two-thirds (66.2%) of FCDU loans as of March were extended to Philippine residents, with $10.124 billion of this going to private entities.

Among industries, the biggest chunk of loans went to power generation companies (17.4%), followed by merchandise and service exporters (14.9%), management/holding and stock brokerage (8.5%), public utility firms (6.6%), and producers and manufacturers/oil companies (6.4%).

Meanwhile, FCDU loans to non-residents totaled $5.392 billion.

At end-March, gross disbursements decreased by 6.6% to $14.7 billion from the end-December 2021 level due to the decrease in the funding requirements of an affiliate of a branch of a foreign bank.

Likewise, loan repayments dropped 8.5% from the preceding quarter to $14.4 billion as of March.

“These resulted in overall net disbursements,” the central bank said.

Meanwhile, FCDU deposit liabilities rose by 0.5% to $46.3 billion at end-March.

“The bulk of these deposits (97.2%) continued to be owned by residents, essentially constituting an additional buffer to the country’s gross international reserves,” the central bank said.

Year-on-year, FCDU deposit liabilities increased by 4% from $44.5 billion.

The overall FCDU loans-to-deposit ratio stood at 34.5% as of March, slightly up from the 34.1% logged as of December 2021 but lower than the 36.7% seen a year earlier. — D.G.C. Robles

Stuff to do (07/01/22)

Pardon My French hosts musical performances

THE NEW Makati restaurant and night spot Pardon My French has multiple live musical performances lined up for July. Pardon My French will feature South Border singer-songwriter Jay Durias on the four Saturdays of the month (July 2, 9, 16, and 23) with the first set at 9-10:30 p.m. The evenings’ second set, from 11 p.m. to 12:30 a.m., will feature The Plug. Ticket prices (with consumable food and drinks exclusive of service charge) are P3,500++/person in areas with a direct view of the stage, and P2,500++/person in other areas. Pardon My French is located at 110 Jupiter St., Bel-Air, Makati.  For reservations, contact 0917-823-0091.

Singer-songwriter Zild performs at the Shang

SINGER-songwriter Zild will perform at the Shangri-La Plaza’s Grand Atrium stage on July 2, 6 p.m. The 25-year-old musician is best known as the lead vocalist, pianist/keyboardist, synth player, and bassist of the three-piece rock band, IV Of Spades. As a solo act, Zild released his debut album Homework Machine in 2020 that included 10 tracks of 8-bit inspired music, highlighting his isolation at the height of the pandemic. He then dropped his sophomore solo album, Huminga, in April 2021, also with 10 songs but showcasing more natural and organic production. In 2021, Zild was named Breakthrough Artist of the Year during the 6th Wish Music Awards.

Toys, collectibles at Newport Garden Pop Galleries

THE NEWPORT Garden Wing presents the Newport Mall-seum Pop Galleries featuring unique art pieces, exclusive toys, and collectibles from pop artists and collectors. The exhibit “The Art Area” by Shoe Game Manila features works inspired by popular street artists like Kaws, QUICCS, Banksy, and more. The “Back in the Day” exhibit of Otep Bañez depicts daily scenes of provincial life that evokes humor and nostalgia from “barriotic beauties.” Meanwhile, John Paul Duray’s “Boop Boop: The Spoiled Brat” exhibit features a series of 24-inch figures of a toddler made out of cast marble and automotive paint. The Newport Mall-seum Pop Galleries are on the ground floor of the Newport Garden Wing. All artworks and pieces are for sale. For inquiries contact Shoe Game Manila at 0909-663-1090 for “The Art Area”; Galeria Bañez at 0917-312-3792 for “Back in the Day”; and Allen Tagle at 0917-872-8767 or visit rwmexclusives.com for “Boop Boop: The Spoiled Brat”.

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